Research Intelligence Unit (RIU)
This year’s RIU survey went further than past brand surveys by examining multiple factors including brand awareness, brand perception, brand visibility, brand attributes and most important memory. Home Lands, Prime Lands, Kelsey Homes, JAT, Blue Ocean, Span and Fairway have proven to be the seven most popular developers in 2021. The results give some wins to the top seven players, with the top two battling for gold. .
During the year 2021, the Research Intelligence Unit (RIU) conducted a large-scale survey of several hundred real estate buyers and investors to identify the best developer brands in Sri Lanka and to highlight evidence the dynamics of their brand. The survey covered residents of Colombo, non-residents of Colombo as well as the diaspora community. The results provide unique insight into how buyers think and how this affects their investment decision making. From a developer perspective, the survey identified the top seven players in the market, each of which has one or more wins. However, it is Home Lands and Prime Lands that are fighting for the top spot.
The Home Lands group had the highest percentage of respondents who indicated the brand as their ‘first preference’, while the Prime Lands group took first place overall, followed by Home Lands, based on the results. survey which included the local and Sri Lankan diaspora. real estate investors / buyers.
The people and the Sri Lankan diaspora
By isolating the inhabitants of the Sri Lankan diaspora, Prime Lands remains in the lead, followed by Home Lands. However, among the Diaspora, Blue Ocean was ranked highest, followed by Span.
Respondents were also asked to rate (positively or negatively) based on word of mouth with developers. Here, Home Lands, with a “positive” result of 57%, was the only developer to have a client base with overwhelmingly positive word of mouth.
In line with the results of the survey, a large number of respondents said they had a very favorable past experience with JAT Holdings along with Span Engineering and Fairway Holdings.
The top developers were also rated in the survey for brand perception: affordability, convenience, luxury, style / elegance, confidence, and value for money. The results highlighted that locals viewed Home Lands properties as supreme in terms of luxury and that the Diaspora hailed these properties for being better value for money.
The survey also revealed how respondents associated brands with the following attributes; brand, convenience, discounts, price, quality and delivery time. When it comes to the ‘brand’ factor, Home Lands scored the best, while Prime Lands tops the list in terms of ‘convenience’ and ‘quality’. Blue Ocean, although marginally, is placed at the top when it comes to “price”, while Span is considered to offer the most “discounts”. Fairway tied with Span for first place in “timely delivery”.
The analysis shows significant differences between brand awareness and perception levels of the diaspora and locals as well as residents of Colombo compared to those living outside of Colombo District. Likewise, there are differences between those working in the private sector versus those in the public sector and those using private versus public transportation as well as differences by age group.
The RIU survey also reveals that the landscape of sources of buyer information has changed dramatically in recent years. Now, the influence of social media in the real estate market dominates all other media and is highlighted in the survey. It turned out to offer the greatest reach compared to other modes such as TV, radio, print media, etc. This underlines the important function that social media plays in today’s environment for various forms of business communication.
The Research Intelligence Unit (RIU) has just completed 18 years of service in Sri Lanka with experience in providing advisory services to most of the major developers in the island and the Asian region. Based in London, RIU also has offices in the Maldives and Dhaka, Bangladesh.
For more information on the RIU and the 2021 Real Estate Market Annual Report, contact [email protected]